IDBI Bank cuts lending, deposit rates

"The new base rate or minimum lending rate (at 10.25 per cent) will be effective from February 1," the bank said in a release.

The base rate is the minimum lending rate below which banks cannot offer any loan to customers.

IDBI Bank was the first one to cut lending rates following the announcement of the RBI to reduce short-term lending rate by 0.25 per cent and deciding to slash Cash Reserve Bank (CRR) by same margin to inject Rs 18,000 crore of liquidity into the system.